Crypto Tax Updates 2026: What to Expect and How to Prepare

The regulatory framework for cryptocurrencies in Europe and Spain is evolving rapidly. 2026 will be a year of consolidation for significant changes, especially with MiCA in full effect and the new DAC8 information exchange framework. Here’s a summary of the main expected updates.

MiCA in Full Effect (From December 2024)

The Markets in Crypto-Assets Regulation (MiCA) came into effect progressively in 2024 and will be fully applicable by the end of 2024. Its main impacts for Spanish investors include:

For exchanges and service providers:

• All crypto-asset service providers (CASPs) operating in Spain or targeting Spanish clients will need a MiCA license.
• Increased transparency: CASPs must publish whitepapers for tokens.
• Stablecoins: Asset-Referenced Tokens (ART) and E-Money Tokens (EMT) will have strict reserve requirements.

For investors:

• Greater protection: Exchanges are required to segregate assets.
• Clearer information: Whitepapers are mandatory for listed tokens.
• Possible exclusion of unlicensed exchanges: Some exchanges may cease operations in Spain.

DAC8: Automatic Crypto Information Exchange in the EU

The Directive on Administrative Cooperation 8 (DAC8), approved in 2023, mandates:

• Crypto service providers (exchanges, some DeFi platforms) to automatically report user information to their local tax authorities.
• Automatic exchange of this information between EU countries.
• Effective from 2026: Spain will start receiving information from other member states about Spanish citizens’ assets held in European exchanges.

What this means for Spanish investors:

• If you hold crypto on an exchange in another EU country (Coinbase EU, Kraken EU, Bitstamp...), that exchange will automatically report your data to Spanish tax authorities.
• HIDING crypto assets in European exchanges will become virtually impossible starting in 2026.

Potential Changes to Crypto Income Tax for 2025-2026

Some legislative changes under discussion:

• Possible specific exemption for small crypto gains: Discussions have been held about creating an exemption for small gains (<€500 annually), similar to those in other countries. This has not yet been approved.
• Clarification of DeFi treatment: The AEAT is expected to publish more binding rulings on staking, DeFi, and NFTs.
• Crypto-to-crypto transfer regime: Parliamentary debates have considered extending the transfer regime (no immediate taxation) to crypto-to-crypto exchanges. This is NOT yet approved.

Model 721: Expected Changes and Refinements

Model 721 (foreign crypto asset declaration) was introduced in 2023. For 2024-2026:

• Threshold: Remains at €50,000 per asset type.
• Pending clarifications: Treatment of NFTs, LP tokens, staking tokens.
• Possible automations: Automatic cross-checking between Model 721 and income tax filings.

DeFi Regulation: The Big Pending Issue

MiCA explicitly excluded "pure" DeFi (protocols without centralized custody). However:

• The European Commission will review this exclusion in 2025-2026.
• It’s likely that certain DeFi protocols with sufficient centralization (teams, governance, upgrade keys) will be subject to MiCA in future versions.
• Aggregators and interfaces (MetaMask, Uniswap frontend) are already under scrutiny.

OECD and CARF: Global Crypto Tax Information

The OECD is also advancing with the Crypto-Asset Reporting Framework (CARF):

• A global framework (outside the EU) similar to DAC8.
• G20 and over 50 countries have committed to implementing it.
• Spain will adopt it, extending information exchange beyond the EU.

How to Prepare for 2026

1. Ensure past declarations are up to date: If you have undeclared fiscal years, regularize them.
2. Review your exchanges: Verify whether your exchanges have MiCA or equivalent licenses.
3. Prepare Model 721 correctly: With DAC8 coming into effect, Spanish tax authorities will have more data for cross-checking.
4. Maintain impeccable records: Keeping detailed records of all transactions remains your best defense.
5. Consult a crypto tax advisor: The landscape is changing rapidly, and mistakes can be costly.

Updated: April 2026 | Fiscal Year: 2025-2026